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Author Topic: Crypto replacing fiat?  (Read 6211 times)
malibogako2018
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August 02, 2018, 12:51:10 PM
 #221

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

I don't think crypto will replace fiat in the future crypto is volatile and it will be complicated if crypto will be our international currency like how we avail simple products for example candies that have a low value how we avail that thru crypto coins, we must have fiats in our daily living and crypto cannot replace it.
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mjaranzasu
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August 02, 2018, 01:31:45 PM
 #222

It is indeed a future to have digital currency in our pocket rather than fiat money. We should be anticipating positively tht one day digital money will reign and fiat will extinct.

I think what you have said will happen in the future but not in the coming years as fiat is widely used all over the world. Maybe both can be able to use in the near future.
7Dyoknga5
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August 02, 2018, 01:46:04 PM
 #223

I think its gonna be technology dependency.

Since bitcoin could only operate in a computer or a gadget, transacations will be limited. Without electricity or internet there would be no transactions.

Isolated areas were electricity is not a necessity might also be affected as they could have no means to transact.

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Xenoph0bia
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August 02, 2018, 05:45:07 PM
 #224

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

I don't think crypto will replace fiat in the future crypto is volatile and it will be complicated if crypto will be our international currency like how we avail simple products for example candies that have a low value how we avail that thru crypto coins, we must have fiats in our daily living and crypto cannot replace it.
No this cannot occur any near in the future.Fiat is being used by each and every person on the earth.Fiat is accepted internationally and all the transactions are done through the fiat currency only.Cryptos are internet regulated and only a small percentage of people in the world use them.Cryptos are even banned in some nations.Cryptos are decentralised and so no central bank or governement supports them.Cryptos have a risk of getting hacked too.They are also very volatile.
jaysabi
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August 02, 2018, 05:53:47 PM
 #225

Crypto can do something things better than fiat, but only very limited and specific things. For example, crypto beats fiat at being decentralized, but what value is that really? The world works fine on centralized fiat. It's a solution to a non-problem. Another example, crypto beats fiat at being trust less, which is tied pretty closely to being decentralized, but again, solution in search of a problem. One area where crypto does seem to function better is remittances. Value can be transferred around the world with ease and without significant fees. There are too many middle men required in the fiat system to make that work, but that single application hardly makes crypto a suitable replacement for the current system.
3la9l_kolbaCa
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August 03, 2018, 12:18:50 AM
 #226

I'll tell you what guys, if the crypto-currencies and various blockchain projects will continue to develop as rapidly and we will eventually reach a mass acceptance of the blockchain, we all will become really rich and happy, as we will have a really interesting and favorite pastime which brings us great money, that's what makes people happy. And it doesn't matter will crypto replace fiat or not.

That is not about becoming rich, the question says what will happen if the fiat is ever replaced with the crypto currencies. The attitude that you brought in here is like an investor. But we need to think about it as general public as well. It could benefit us in lot more ways than what you think. (Profits)

It will help us improve the transaction system in digital way, new applications will emerge in the market all the time, and this will help the community to grow bigger and bigger always. The profits, investors, etc things will come later on.
In the era of digital currency it brought so much advantages and it creates an atmosphere of safety, security, and transparency since it's a real innovation and bitcoin is the first. On the other hand, since bitcoin is not yet widely-accepted, its economy is still young and developing, more are still doubtful and restrict its functionalities. Fiat has a central command, and has legal tender, with the rapid evolution of cryptocurrency, still it is the widely used form of exchange where most people are so accustomed with it ever since, and the larger portion of the world are still under centralized network run by government.

katrimans
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August 03, 2018, 05:21:09 AM
 #227

No one can force you to send your crypto but they can possibly track you with help of the ISP providers maybe ? But Crypto is definitely a safety net for controlling your own wealth and having a hedge against the collapse of the fiat system.
Well, you can have big money with you in form of crypto and this is somehow safer than fiat, so this doesn’t mean you are overruling fiat as a whole. You can’t just say fiat is going to end soon just because bitcoin would take the place. No, this never be happening, not in coming few years surely. But there can be a damage to fiat usage after so many years of establishing bitcoin.
Danielreynolds0
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August 03, 2018, 06:15:21 AM
 #228

It would be a revolution if bitcoin or blockchain technology replaced our financial system. Bitcoin is working very well and has the potential to replace the current financial system but governments will not agree except for citizens to enforce it.
teamcrpt
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August 03, 2018, 06:40:24 AM
 #229

That is very possible. A lot of governments and legal entities are already talking about that. For now it is just conversations with out certain clarity. But in 5-10 years time that may become reality.
tonyvo2017
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August 03, 2018, 06:55:11 AM
 #230

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   
Bitcoin will replace the currency in a few transactions rather than replace it completely, which is my opinion. It will appear as a convenient option for users to pay as well as buy online instead of out of the store. In the digital age as it is now, it will probably happen in a decade or two.
ginellis
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August 03, 2018, 07:12:55 AM
 #231

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   
bitcoin is the mother of all crypto currency if bitcoin are falling then there's no chance of increasing of crypto currencies.Changing the use of fiat can completely destroy the economy also there's no control of bitcoin price it will never happen not even in future
Gramna
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August 03, 2018, 07:22:56 AM
 #232

To be honest, I find crypto currency awesome especially Bitcoin but I really do not think it will ever replace fiat money. I don't think it will ever happen, every country's government would not allow that to happen, first because cyrpto currency are not regulated, how can they let a decentralized currency be their official and national currency.

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sheryl26
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August 03, 2018, 07:42:32 AM
 #233

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

Maybe in the future that might happen because we cannot really say what will happen into the next years we can just predict them but not really to know. There are a lot of things that can happen so lets just watch them fall into places and lets dont rush things. May answer is really it depends because maybe when that time comes the government already have their own cryptocurrency
chrisculanag
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August 03, 2018, 08:08:24 AM
 #234

Its hard to accept crypto as fiat , there are many difference and important uses of this both money. And i think crypto is a partner of fiat and can use and many different online stores . I want this both because its very useful in my country , but we don`t know what happen in next year or decades. Lets see .  Cool

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pedangrusak
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August 03, 2018, 08:31:26 AM
 #235

If fiat is replaced by crypto completely then all types of financing and trading are more effective and efficient because in every transaction we do not need to carry physical forms (fiat) and are safer especially from theft of money or fiat

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August 03, 2018, 08:35:12 AM
 #236

when crypto decentralization has replaced fiat centralization, we are more easily transacted and safer. when we visit other countries we do not bring fiat for transactions in the country but enough to bring one type of crypto then we will be able to transact well

Phil315
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August 03, 2018, 08:39:16 AM
 #237

It may not be easy for crypto to completely replace fiat. And I also don't think it will be in the best interest of everyone because not everybody has access to the internet or computing devices.
Sergio444
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August 03, 2018, 08:46:14 AM
 #238

Thank God its just speculations Grin because it will be difficult for crypto to replace fiat. We do forget about the many shortcomings of cryptocurrencies. Even the owner of the most popular coin is still yet to be known despite the value of that coin and almost a decade old now. Let the fiat leave in its fiat world and the crypto be the alternate form for online businesses.
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August 03, 2018, 08:46:36 AM
 #239

maybe ten years from now, not earlier
ghoniod
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August 03, 2018, 08:54:04 AM
 #240

I think cryptocurrency presents a very real threat to traditional banking systems and currency. But the fact that even after nearly 10 years Bitcoin is being used very little does indicate that either it's going to be something else (digital gold) or otherwise it will be a very long time before it becomes a real everyday currency for a significant number of people.

Personally, I definitely prefer 'being my own bank', but how the average person thinks about the issue, that's what matters in the end for real adoption.
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